2.Agreements binding.
If a professional corporation's articles of incorporation or bylaws or a private
agreement provides the terms, price and other conditions for the acquisition of the
shares of a shareholder upon the occurrence of an event described in subsection 1,
then that article, bylaw or private agreement is binding on the parties and is specifically
enforceable.

[
2001, c. 640, Pt. B, §2 (NEW);
2001, c. 640, Pt. B, §7 (AFF)
.]

3.Corporate acquisition of shares.
In the absence of an article provision, bylaw provision or private agreement described
in subsection 2, a professional corporation shall acquire the shares in accordance
with section 744; except that, if the disqualified person rejects the corporation's
purchase offer, either the person or the corporation may commence a proceeding under
section 745 to determine the fair value of the shares.

[
2001, c. 640, Pt. B, §2 (NEW);
2001, c. 640, Pt. B, §7 (AFF)
.]

4.Limited disqualification.
In the absence of an article provision, bylaw provision or private agreement described
in subsection 2, this section does not require the acquisition of shares in the event
of a shareholder's becoming a disqualified person if the disqualification lasts no
more than 5 months from the date the disqualification or the transfer of shares pursuant
to subsection 1 occurs.

[
2001, c. 640, Pt. B, §2 (NEW);
2001, c. 640, Pt. B, §7 (AFF)
.]

5.Other benefits unaffected.
Nothing in this section or section 744 prevents or relieves a professional corporation
from paying pension benefits or other deferred compensation for services rendered
to a former shareholder if otherwise permitted by law.

[
2001, c. 640, Pt. B, §2 (NEW);
2001, c. 640, Pt. B, §7 (AFF)
.]

SECTION HISTORY

2001, c. 640, §B2 (NEW).
2001, c. 640, §B7 (AFF).

Data for this page extracted on 01/05/2015 11:59:23.

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